The Inland Revenue Board (IRB) has on 26 June 2021 updated its frequently asked questions (FAQ) in relation to the administration of taxation matters during the MCO 3.0 (kindly refer to our eNewsletter 09/2021 for our coverage on the previous version of the FAQ).
We summarise below the updates in the FAQs.
1. Extension of time for submission of income tax return forms (RF)
For the following classes of taxpayers with accounting period ending 1 October 2020 until 31 January 2021, an extension of time of two (2) months (the grace period previously given was 1 month if submitted via e-Filing) will be given to submit its RF: -
- Limited Liability Partnerships
- Unit Trusts / Property Trusts
- Co-operative Societies
- Trust Bodies
- Real Estate Investment Trusts / Property Trust Funds
- Business Trusts
We illustrate the extension of time given as follows: -
Companies with accounting period ended
Extension of time for submission of RF
For the following classes of taxpayers carrying on a business, IRB has further extended the deadline to submit its RF for the Year of Assessment 2020 to 31 August 2021 (previously extended until 31 July 2021): -
- Resident Individuals
- Non-Resident Individuals
- Deceased Person’s Estate
- Hindu Joint Family
2. No revision of tax estimate (Form e-CP204) in the third month of instalment falling within year 2021
Unlike in year 2020, no revision of tax estimate is allowed in the third month of the instalment payment schedule that falls within year 2021. Taxpayers must submit any revision of tax estimates in the 6th and/or 9th month of its basis period for a Year of Assessment via Form e-CP204A.
3. Deferment for compound and penalty payment which should be paid within 1 June 2021 until 28 June 2021
Extension of time up to thirty (30) days from the initial due date for payment is granted.
4. Withholding tax payment which should be paid during the MCO 3.0 period
No extension of time is granted. Taxpayers can make payment for withholding tax via telegraphic transfer by furnishing complete payment details to the IRB via fax at 03-62019637 or e-mail to [email protected].
A.B. Ng is an Executive Tax Director and Head of the Field Audit and Tax Investigation Division. He has thirty years of working experience. He was attached to the Inland Revenue Board and two International Accounting Firms prior to joining RKT Tax Consultants Sdn Bhd. His expertise includes being a Tax Lecturer for the Chartered Association of Certified Accountants (ACCA), Malaysian Institute of Accountants Qualifying Exam and the Certified Financial Planner (CFP) Programme. He has also spoken in various tax seminars held in Malaysia and Singapore. He is a Chartered Accountant and member of the Malaysian Institute of Accountants.